JUDGEMENT

Dr. Dhananjaya Y. Chandrachud, J.

Table of Contents

A. Facts .................................................................................................................. 4

i. The dispute .............................................................................................................. 4

ii. The suit before the Bombay High Court ............................................................... 5

iii. The impugned judgment ...................................................................................... 10

B. Issues ............................................................................................................... 12

C. Submissions ................................................................................................... 12

D. Overview of contractual arrangements ......................................................... 19

i. The Debenture Trust Deeds ................................................................................. 19

ii. Steps taken by the DebentureTrustee (Vistra) .................................................... 23

E. Evolution of the law surrounding the resolution of debts .......................... 25

i. The framework fo